NVIDIA (NASDAQ:NVDA) PT Raised to $145.00 at Needham & Company LLC

NVIDIA (NASDAQ:NVDA) had its price target hoisted by analysts at Needham & Company LLC from $120.00 to $145.00 in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage presently has a “buy” rating on the computer hardware maker’s stock. Needham & Company LLC’s price target would suggest a potential upside of 21.47% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. TD Cowen raised their price objective on NVIDIA from $140.00 to $165.00 and gave the company a “buy” rating in a report on Monday, July 15th. JPMorgan Chase & Co. raised their price target on NVIDIA from $85.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Sanford C. Bernstein upped their price objective on NVIDIA from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. Citigroup increased their price objective on NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, Morgan Stanley upped their price target on shares of NVIDIA from $116.00 to $144.00 and gave the stock an “overweight” rating in a research report on Monday, July 1st. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, NVIDIA presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Trading Up 1.5 %

NASDAQ NVDA opened at $119.37 on Thursday. NVIDIA has a 52 week low of $39.23 and a 52 week high of $140.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.14 and a current ratio of 3.53. The stock’s 50 day moving average price is $120.25 and its two-hundred day moving average price is $102.80. The stock has a market capitalization of $2.94 trillion, a price-to-earnings ratio of 69.81, a PEG ratio of 1.15 and a beta of 1.68.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a net margin of 53.40% and a return on equity of 110.60%. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 earnings per share. As a group, analysts anticipate that NVIDIA will post 2.53 earnings per share for the current fiscal year.

NVIDIA declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 28th that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $104.83, for a total transaction of $12,579,600.00. Following the completion of the transaction, the chief executive officer now owns 76,614,995 shares of the company’s stock, valued at approximately $8,031,549,925.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $104.83, for a total value of $12,579,600.00. Following the sale, the chief executive officer now directly owns 76,614,995 shares in the company, valued at approximately $8,031,549,925.85. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Colette Kress sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $126.99, for a total transaction of $12,699,000.00. Following the transaction, the chief financial officer now owns 5,288,862 shares of the company’s stock, valued at $671,632,585.38. The disclosure for this sale can be found here. Insiders sold 4,021,333 shares of company stock worth $599,173,182 over the last three months. Insiders own 4.23% of the company’s stock.

Institutional Investors Weigh In On NVIDIA

Hedge funds have recently modified their holdings of the company. Legal & General Group Plc increased its stake in shares of NVIDIA by 884.0% in the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $26,329,751,000 after buying an additional 191,469,114 shares during the period. Bank of New York Mellon Corp grew its holdings in NVIDIA by 854.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after acquiring an additional 163,482,580 shares during the last quarter. Ameriprise Financial Inc. increased its position in NVIDIA by 870.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock valued at $12,658,922,000 after acquiring an additional 91,867,031 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of NVIDIA by 1,123.2% during the second quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock valued at $11,371,255,000 after acquiring an additional 84,515,429 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of NVIDIA by 808.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock worth $10,215,474,000 after purchasing an additional 73,589,208 shares during the period. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Company Profile

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.